Hard Rock Atlantic City is a hubbub of activity ahead of its June 28 grand opening, but Hard Rock doesn’t want to succeed without giving the AC community and neighboring NJ casinos a boost, too.
The post With Opening Day In Sight, Hard Rock Atlantic City Invests In More Than Its Casino appeared first on Play NJ.
The Stars Group purchase of Sky Betting and Gaming for $4.7 billion puts massive pressure on CEO Rafi Askenazi to make a return on the high price that the group has paid.
The post Stars Group Acquisition Of Sky Betting Is CEO Ashkenazi’s All-In Moment appeared first on Online Poker Report.
Sports, casino and poker all continue their double-digit gains in Q1.
Kindred’s online poker vertical Unibet Poker almost managed to keep pace with the strong revenue growth for the group across the board, as poker revenue for the quarter matching a historic high.
Results from Q1 2018, reported by the Swedish gaming giant on Wednesday, showed revenue flat quarter-over-quarter at £4.6 million. Compared to the same quarter in 2017, poker revenue was up 24.3%. Over the last nine quarters, poker has grown in eight of them.
PokerStars to award two Platinum Passes at the Mammoth and one each at new MEGASTACK events in Dublin and Galway.
PokerStars has announced its sponsorship of Dublin’s Mammoth Poker Festival and that it will be adding two MEGASTACK tournaments that will run in Ireland at the end of the year.
PokerStars’ low stakes tournament series MEGASTACK debuted in April 2017 at the PokerStars poker room in the Hippodrome Casino, London before being rolled out across Europe.
Kindred Group reported £4.6 million in online poker revenue in the first quarter of 2018. While flat sequentially, it represents year-over-year growth of 24% and is the largest Q1 in poker since 2013.
Online poker accounts for 2.2% of the group’s net gaming revenue, its highest in three quarters but down a fraction on the 2.4% in Q1 2017. Year-over-year growth in casino and sports outstripped that of poker, up 33% and 43%, respectively.
For the second time in four years, PokerStars was involved in a major acquisition that sent shockwaves through the gaming industry.
In 2014, it was Amaya’s $4.9 billion purchase of the online poker giant that stunned the industry. And on Saturday morning, The Stars Group (TSG) stunned everyone again. It announced it was acquiring Sky Betting Group (SBG) for the princely sum of $4.7 billion.
TSG Chief Executive Officer Rafi Ashkenazi elaborated on the sale in a press release:
“The acquisition of Sky Betting & Gaming is a landmark moment in The Stars Group’s history. SBG operates one of the world’s fastest growing sportsbooks and is one of the United Kingdom’s leading gaming providers. SBG’s premier sports betting product is the ideal complement to our industry-leading poker platform. The ability to offer two low-cost acquisition channels of this magnitude provides The Stars Group with great growth potential and will significantly increase our ability to create winning moments for our customers.”
“We are delighted to join forces with The Stars Group,” said Richard Flint, Sky Betting & Gaming’s CEO. “We have had a fantastic last few years and would like to thank CVC and Sky for supporting us in becoming a leading online operator in the UK. This transaction allows us to offer our best-in-class products to a truly global audience. We’re excited about our future together.”
If the sale is approved, the new company will be the largest publicly traded online gaming company in the world.
It also accelerates the path PokerStars has been traveling since 2014.
Play At PokerStars NJ
When You Deposit $20
Overall Grade A-
When Amaya purchased PokerStars, virtually all of the company’s revenues came from poker.
Since the acquisition, TSG has diversified its portfolio well. The company added online casino and sports betting, as well as some other verticals like daily fantasy sports.
Poker players have been lamenting this change for years. They loudly criticize the metamorphosis of PokerStars from one of the last remaining poker-only operators to a comprehensive online gaming company, bent on cross-selling players.
Even though PokerStars is increasing poker revenue, the company has become less reliant on poker.
Even though the new, multi-channel TSG has made significant gains on the casino side, it has struggled to gain a foothold in the sports betting market, which helps explain the SBG acquisition.
In 2017, TSG reported the following revenue breakdowns:
The purchase of SBG further changes that dynamic.
According to Ashkenazi, the projected share of each vertical post-acquisition will be:
37 percent from poker
34 percent from sports betting
26 percent from casino
As was the case with the Amaya purchase of PokerStars, the US was a factor in the acquisition of SBG.
Included in a slideshow that accompanied a conference call on Monday, TSG cited opportunities in the US as one of the reasons for the acquisition.
In a section called, “Acquisition Rationale: Global Growth Strategies for SBG” the slide reads:
“Capitalize on potential US sportsbook opportunity by leveraging the combination of TSG’s brand strength, customer database and poker leadership with SBG’s expertise in sportsbook and media partnership.”
PokerStars is already active in the New Jersey online gaming market, and is expected to be involved when Pennsylvania online gaming goes live in late 2018/early 2019.
Of particular interest to the recent acquisition of SBG, both of those states have also taken steps to legalize sports betting, should the Supreme Court strike down PASPA.
Further, TSG now has a proven, high-end sports betting product to shop around to potential partners in other states.
What will be interesting to see is what sports betting brand the company chooses to use in these US markets.
During the call, Ashkenazi said that both Sky Bet and the company’s existing BetStars brand will be used.
“Wherever we can operate the Sky Bet brand, we will,” Ashkenazi said. “Wherever we can’t, we will use the BetStars brand powered by Sky Bet.”
Ashkenazi intimated that the reason for the two brands was that different jurisdictions allow different things. However, there’s a good chance BetStars is used in the US for the simple reason that the Sky Betting brand is largely unknown in the US.
The post Thanks To New Acquisition, Blue Skies Are Smiling At Stars Group appeared first on Play USA.
The Card Player Poker Tour is returning to Ocean’s 11 Casino near San Diego for the sixth running of the CPPT Ocean’s 11 San Diego Classic main event. The tournament …
With a decision on Murphy vs. NCAA imminent, MLB and the NBA have focused plenty of attention on sports betting since the onset of 2018. Recently, they’ve reportedly also begun divesting their respective equity stakes in daily fantasy sports industry heavyweights DraftKings and FanDuel.
The two developments are far from mutually exclusive.
The two leagues have gone out of their way to put this decision in proper context. Both DFS companies issued corroborative statements in response.
The original report on the development came from Darren Rovell of ESPN via Twitter. As clarified by all parties, despite no longer having equity in either company, the leagues will remain partners with DFS’ Big Two.
NBA spokesman Mike Bass extolled the value of their relationship with FanDuel, calling them “a great partner” to the league. For its part, MLB acknowledged ongoing discussions about “potential changes” to its business dealings with DraftKings. However, their statement also noted they “look forward to continuing our valued partnership” with the current DFS industry leader.
Likewise, FanDuel and DraftKings provided official affirmation of the value of their ties to both leagues.
So, how does the NBA and MLB’s ever-burgeoning interest in a potential legalized sports betting environment dovetail with the lowering of their respective DFS industry profiles? It’s what none of the parties are overtly saying (yet) that’s likely the biggest reason behind the change.
The most tangible explanation is embodied in DraftKings’ decision to hire a Head of Sportsbook in late February. That move is the presumed first step towards the company developing a full sports betting vertical. Its confirmed those intentions on numerous occasions recently.
Naturally, that expansion would occur only if PASPA was struck down in some form in Murphy vs. NCAA. If MLB maintained its current equity position in DraftKings, that would mean they’d eventually be part owners in a sportsbook. The optics of such would be less than ideal on a couple of fronts.
To begin with, until recently, MLB essentially echoed the anti-sports gambling sentiments of the other major sports leagues. Moreover, along with the NBA, they’ve been actively lobbying for the inclusion of an integrity fee into legislation across the country. In many of those same bills, they’re also pushing to be compensated as the official provider of the game data used to grade wagers.
If they’d remained equity stakeholders in a company that appears set to eventually run its own sportsbook, MLB would be involved on both the league and operator side of the equation. That would result in bad optics on multiple levels.
Meanwhile, FanDuel has yet to make reveal any intentions of jumping into the sports betting realm. However, it’s certainly likely at some point. That’s largely due to the fact its biggest competitor is on its way to fully immersing itself in the space. Therefore, although not currently the case, were it to hang on to its equity stake in FanDuel, the NBA would likely find itself in the same position as MLB at some point.
The post The Leagues Don’t Want You To Read Into Their Divesting Of DFS Companies appeared first on Play USA.
Two years after live dealer games started at Golden Nugget online casino, Borgata joins the live dealer platform crowd with a soft launch at three of its sites: Borgata Casino, playMGM, and PartyCasino NJ.
The post Move Over Golden Nugget: Borgata Launches Live Dealer Games In New Jersey appeared first on Play NJ.
The failed Foxwoods Casino Philadelphia project’s effort to get back a $50 million licensing fee it once paid the state continues.
As expected, a federal judge in Allentown sent the case back to bankruptcy court last week.
At the beginning of 2018, the 3rd U.S. Circuit Court of Appeals breathed new life into developers Philadelphia Entertainment & Development Partners, LP‘s attempts to get back the $50 million licensing fee it paid in 2017. It reversed a lower court decision that upheld a 2016 US Bankruptcy Court ruling denying the developers’ claim.
Judge Joseph F. Leeson Jr. originally ruled the bankruptcy court had properly applied standards for fraudulent transfer claims to the case.
In reversing the decision, the 3rd U.S. Circuit Court of Appeals said the bankruptcy court had jurisdiction over the fraudulent transfer claims. However, it gave Judge Leeson the choice of keeping the case or sending it back to bankruptcy court.
Judge Leeson decided to send the case back to bankruptcy court and Judge Magdeline D. Coleman, who originally presided over it in 2014.
The Foxwoods Casino Philadelphia saga began in December 2006 when the state issued two licenses for casinos to be built in the city of Philadelphia.
One went to HSP Gaming, LP, which planned to build SugarHouse Casino in the city’s Fishtown neighborhood along the Delaware River. After delays due to local opposition to the project, HSP Gaming broke ground on the SugarHouse Casino in October 2009. The casino finally opened in September 2010.
The other Philadelphia casino license went to Philadelphia Entertainment & Development Partners, a development group one-third owned by the Mashantucket Pequot Tribe’s Foxwoods Development Corporation.
The Mashantucket Pequot Tribe owns and operates Foxwoods Resort Casino in Connecticut, the second-largest casino in the US. It was tapped to run what was then being called Foxwoods Casino Philadelphia, a 3,000-slot facility to be built in South Philadelphia along the Delaware River.
The group paid the $50 million licensing fee now in question to the state in 2007. However, neighborhood opposition soon forced them to move the proposed site for the project to The Gallery at Market East shopping center in downtown Philadelphia.
More difficulties with the downtown location and local opposition in that neighborhood soon emerged.
Before breaking ground, casino mogul Steve Wynn was brought in as the project’s new managing partner in February 2010. Wynn immediately made plans to move the project back to its original South Philadelphia waterfront location. Wynn presented his plan to the Pennsylvania Gaming Control Board (PGCB). However, three days later, he announced his company was pulling out.
In October 2010, Harrah’s Entertainment, which has since become Caesars Entertainment, said it was interested in a one-third stake in the project. Harrah’s also planned to take over operations from Foxwoods and run the casino under its Horseshoe Casino brand. It publicly planned a facility with 1,500 slots and 70 table games. However, Harrah’s soon missed a deadline for signing an agreement to take over and gave up on the project.
With no other financing in place, Philadelphia Entertainment & Development Partners missed a series of deadlines for submitting plans and financial information to the state. In December 2010, PGCB decided to revoke its license.
Philadelphia Entertainment & Development Partners appealed the board’s decision but was unsuccessful.
The license went up for action and Stadium Casino, LLC successfully bid for it in November 2014. Stadium Casino is a partnership between Greenwood Gaming and Entertainment, owners of the state’s top-grossing casino, Parx, and Cordish Companies, which owns and operates Live!-branded casinos, hotels, and entertainment venues across the US.
It planned to build a $600 million gambling and entertainment complex project in South Philadelphia’s Stadium District.
However, opposition landed the project in court for the next three years. Opponents claimed Greenwood owner Bob Manoukian’s interest in Parx prohibited him from owning more than a one-third of another Pennsylvania casino in accordance with PA casino ownership laws.
The state repealed those casino ownership laws in October 2017.
What was originally The Philadelphia Live! Hotel and Casino project became Stadium Casino. Developers quickly moved forward with a plan to open up the casino and hotel project by 2020.
The new project will feature a 100,000 square-foot casino with 2,000 slot machines and 150 table games. It will also feature a 30-table-plus poker room. Stadium Casino will also be attached to a 240-room boutique hotel.
Demolition of an existing Holiday Inn hotel to make way for the project has already begun. It is taking place on a site beside the Philadelphia Eagles’ Lincoln Financial Field and the Philadelphia Flyers’ and 76ers’ Wells Fargo Center. The Philadelphia Phillies’ Citizens Bank Park is also right there.
The post Foxwoods PA Casino Fail One Step Closer To $50 Million Refund appeared first on Play Pennsylvania.